COH.AX plummets, losing $4.06 (-2.05%) within a single day

Cochlear Limited (COH.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team


COH.AX crashes, losing $4.06 (-2.05%) within a single day
COH.AX breaks below key technical support level
COH.AX finds support at 200-day moving average
COH.AX breaks below Tuesday's low


COH.AX finished Wednesday at 194.30 tanking $4.06 (-2.05%), notably underperforming the ASX 200 (-0.25%). This is the biggest single-day loss in over two weeks. Closing below Tuesday's low at 195.78, Cochlear Limited confirmed its breakout through the prior session low after trading up to $5.82 below it intraday.

Daily Candlestick Chart (COH.AX as at Feb 13, 2019):

Daily technical analysis candlestick chart for Cochlear Limited (COH.AX) as at Feb 13, 2019

Wednesday's trading range has been $8.38 (4.23%), that's far above the last trading month's daily average range of $3.48. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for COH.AX.

After trading as low as 189.96 during the day, the stock found support at the 200-day moving average at 191.48. The last time this happened on January 30th, COH.AX gained 0.86% on the following trading day. Prices broke below the key technical support level at 196.74 (now R1), which is likely to act as resistance going forward.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 200" stand out. Its common bullish interpretation has been confirmed for Cochlear Limited. Out of 16 times, COH.AX closed higher 62.50% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 75.00% with an average market move of 1.97%.

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